Online Broadband Guide
Online Broadband Guide

SoundCloud Gains Funding, Loses CEO

SoundCloud Gains Funding, Loses CEO

Embattled cloud audio distribution service Soundcloud Ltd. has gotten a reprieve from bankruptcy by managing to raise $169.5 million from Raine Group and Singapore's sovereign wealth fund Temasek.

According to Ljung, SoundCloud just wrapped up its largest financing round, receiving $170m (£135m) from The Raine Group and Temasek.

Co-founder Alexander Ljung is handing over the reins as chief executive to Kerry Trainor, the former chief executive of online video service Vimeo, the company announced. The company outlined the investments in a blog post, while it also announced that former Vimeo executive Kerry Trainor will be taking over as CEO... The firm will also add Mike Weissman to the team who will become the firm's COO.

Reminiscing about the past ten years and the journey that he has undertaken alongside co-founder Eric Wahlforss, Ljung proudly declared that they "are just getting started".

The statement explains: "The investment will ensure a strong, independent future for SoundCloud, funding deeper development and marketing of its core tools used by millions of audio creators". With no white knight yet found, in June Soundcloud laid off about 40 percent of its employees and closed its San Francisco and London offices in an attempt to stop the money burn in what looked like a last throw of the dice to keep the company afloat.

"We see an incredible opportunity for growth in this business", said Fred Davis, a partner at Raine who is joining SoundCloud's board of directors. Although Ljung has been the CEO and chairman of the company for almost a decade, the founder will now simply just oversee the company as a chairman. New COO Weissman worked closely with Trainor at Vimeo.

Concerned users had been backing up their Soundcloud uploads, anxious the site would go offline.

Recently you heard me say SoundCloud isn't going away.



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